The Air Jordan V was released on February 1990, designed by Tinker Hatfield again. Some elements were carried over from the Air Jordan IV, but overall they were a completely new look. Some of its new features were a reflective tongue and a translucent rubber soles. The soles gave them a new look, but it yellowed over time when exposed to moisture. The Jordan V, VI, XI and XXII all feature the translucent outsole. A new feature to the Air Jordan V was its base top with lace locks, making strapping on the shoe easy. The lace-lock feature partly inspired the "Air Jordan Spiz'ike".

Hatfield is believed to have drawn inspiration for the Air Jordan V from World War II fighter planes, which was most notably visible in the shark teeth shapes on the midsole. The Air Jordan V was reintroduced in 2000, including a new color way featuring Michael Jordan's high school (Laney High) colors. In 2006 several V's were reintroduced, including the LS "Grape" V's, the LS "burgundy" V's, the "Fire-Red" V's, the "Green Bean" V's, and "Stealth Blue"[6] V's. Along with the latter, a very limited laser design and the black/metallic/fire red[7] colorways were released in early 2007.

In the month of May 2009, Air Jordan confirmed the release of an "DMP II" consisting of two Air Jordan V's.[8] The second color way features a 3M material base with black laces and midsole. The retail price was $310.[9]

The Air Jordan V was originally released in 1990. It was retroed in 2000, 2006, 2007, 2008, 2009, 2011 and 2013.